Three of the world's top five universities for business and economics are in the UK

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Oxford University is the UK's top institution to study business and economics at (Source: Getty)

Emma Haslett

Three British universities have made it into the top five of a global ranking of the 20 best institutions to study business and economics.

The University of Oxford, London Business School and the University of Cambridge took the third, fourth and fifth places respectively in the Times Higher Education's ranking.

However, they were beaten by Stanford University in first place and the Massachusetts Institute of Technology (MIT) in second.

The rest of the top 10 was made up by US institutions, including Harvard, the University of Chicago, Northwestern, the University of Pennsylvania and Berkeley.

The ranking takes into account subjects including business and management, accounting and finance, management and economics and econometrics.

London Business School was the only other British business school to make it into the top 10 of the global ranking, while Alliance Manchester Business School came 30th and the Oxford's Saïd Business School came 33rd.